Bennett Inc. is a publicly held corporation whose diversified operations have been separated into five industry segments. Bennett is in the process of preparing its annual financial statements for the year ended December 31, 20X5. The following information has been collected for the preparation of the segment reports required by ASC 280. Power BENNETT INC. Selected Data For the Year Ended December 31, 20X5 (in thousands) Fastening Household Tools Systems Products $32,000 $ 4,500 $ 4,800 10.000 5,500 200 $42.000 $10,000 $ 5,000 30,000 8,000 4,500 4,500 1,000 (600) 2,600 SOO (750) 50,000 23,000 17,000 Security Systems $2,000 Item Sales to Unaffiliated Customers Intersegment Sales Total Revenue Cost of Goods Sold Operating Profit Net Income Segment Assets Plumbing Products $3,000 1,000 $4,000 3,100 700 (100) 6,000 $2,000 1,700 (100) (200) 4.000 Required a. Determine which of the operating segments are reportable segments for Bennett. Your determination should include all required tests and the results of those tests for each of Bennett's five segments. b. The reportable segments determined in (a) must represent a substantial portion of Bennett's total operations when taken together. Describe how to determine whether a substantial portion of Bennett's operations is explained by its segment information Item Power Tools Sales to Unaffiliated Customers $ 32,000 Intersegment Sales $ 10,000 Total Revenue $ 42,000 Cost of Goods Sold 30,000 Operating Profit 4,500 Net Income $ 2,600 Segment Assets $ 50,000 Fastening Systems $ 4,500 $ 5,500 $ 10,000 $ 8,000 $ 1,000 $ 800 $ 23,000 Household Plumbing Security Products Products Systems $ 4,800 $ 3,000 $ 2,000 | $ 200 $ 1,000 $ - $ 5,000 $ 4,000 $ 2,000 $ 4,500 $ 3,100 $ 1,700 $ (600 $ 700 $ (100 $ (750) $ (100) $ (200) $ 17,000 $ 6,000 $ 4,000 Segment Tests: Revenue Profit Assets Reportable? (yes or no?) Absolute Profit Absolute Loss Sum of profits Sum of losses Meet 75% rule? (yes or no?) Reportable segment revenue Total revenue Unaffiliated customer sales Unaffiliated customer sales Calculate % here